Assessing Your Competitive Advantage
Once you’ve completed a detailed SWOT Analysis for your company, you should then be able to more clearly articulate your competitive advantage.
What is a competitive advantage — and why is it important?
- It defines the one thing that you do (that you provide) that is different or better than any of your competitors.
- Offering greater value to your customers than what your competition can offer.
- Competitive advantage can be price, but it is better to be benefits provided.
- You may have more than one competitive advantage, but its best to select just one or two (to keep it simple for your customers to understand)
- Once you identify your competitive advantage, you can claim your position in the market. Positioning is the image you create about your business for your prospective customers.
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